Mortage Rates Update > 11/01/13

Mortgage Rates streaked upwards today amid promising economic data released by the National Institute for Supply Management. Higher interest rates are usually the sign of a good, or in our case improving economy. As individuals and corporations prosper, the demand for goods, services, and real estate increases, thus allowing the producers or lenders to capitalize on their leverage. As more promising data is released, one can expect to see rates increasing further.

The average 30-year fixed rate ended the week up from 4.15% to close at the 4.25% range, while the average 15-year fixed rate ended its week at the 3.32% range after starting the week at 3.25%. The average 5/1 year ARM saw an increase to close the week at the 3.21 range. The average 30-year FHA rate closed at 3.89%.